Hinduja Leyland Finance is an NBFC and caters to vehicle financing
Intercorporate transactions at the Hinduja Group continue. The board of Hinduja Leyland Finance, an NBFC, has approved its merger into NXTDIGITAL – also a Hinduja Global Company, which is listed on the BSE and NSE.
Hinduja Leyland Finance is an NBFC and caters to vehicle financing. It currently has an AUM of ~Rs 29,000 crore, and Ashok Leyland has about a 69% stake in Hinduja Leyland Finance.
Now, this NBFC will be merged into NXTDIGITAL. NXTDIGITAL used to be a media company, but they sold their business to Hinduja Global Solution. So NXTDIGITAL had become a shell company, and now it will turn into an NBFC after it merges with Hinduja Leyland Finance.
This appears to be a back door entry for Hinduja Leyland Finance to list without an IPO process. The merger of Hinduja Leyland Finance and NXTDIGITAL will happen via a share swap ratio.